22 April, 2021 BitFuFu Most of Contracts are Frozen
22 April, 2021 BTC Revenue (some of contracts are still online)
0.00000730 (f2Pool, 2.5% fee) 0.00000720 (Antpool, 4% fee) 0.00000724 (Poolin, 2.5% fee)
Best BTC Settings:
f2pool + Cobo wallet (internal BitFuFu balance)
Fast BTC Profitability Analysis
Contract duration is Frozen
If you look closely at your contracts, you will see that their "Mining Operation Duration" does not increase over time. This means that your contract is now on pause and you are not wasting money either on paying for electricity, nor are you losing the duration of your contracts.
Miners now do not work for objective reasons, but users do not suffer from this either - all contracts are suspended and as a result, when the service resumes, you will receive the contract validity period as you bought it.
Since April 15, the Bitcoin network hashrate has dropped more than 49% after touching an all-time high at 218 exahash per second. Regional reports noted that in China the Xinjiang grid is having blackouts and “safety inspections.”
“The hashrate of bitcoin mining pools plummeted in 24 hours. Antpool fell by 24.5%, Btc.com fell by 18.9%, Poolin fell by 33%, Binance pool fell by 20%,” Wu tweeted.
The reason is that Northwest China is undergoing a complete blackout for safety inspections.
Xinjiang and Sichuan combined together have well over 50% of the overall Bitcoin hashrate.
To date, transaction fees have skyrocketed because the network's current hash rate is not keeping up with the difficulty. At the time of this writing, miners are 225 blocks (189.75 yesterday) behind the schedule, and this will affect the difficulty of the network, even if the hash rate recovers to its previous values.
What does this mean for cloud mining?
Hope BitFuFu miners become active soon.
Then, until May 2-4, we will receive a high level of charges in a situation where transaction fees are very high.
After, on May 2-4, the difficulty of the network will drop significantly (about 13-20%), and we will also receive a high income due to the larger number of blocks that will be mined per day, ahead of the schedule of the network difficulty.
In mid-May, the difficulty of the network will grow again, by about the same 20%, and we will return to normal mining values.
You can find a little more analysis in this article: Huge transaction fees level in Bitcoin Network and next Difficulty Change
This is a historic moment. This has never happened in my memory.
The stability of mining has been greatly undermined, but in the future everything will be restored to its previous values, and by about May 15, mining will be about 20-25% more profitable compared to the beginning of April. Whether we lose profit in mining contracts will depend on how soon BitFuFu can turn miners on.
This is REAL mining, not the numbers in your personal account, which change every day, like on scam services. It has its own risks.
I am sure that BitFuFu will compensate users for the time the miners were offline, as well as the cost of electricity. I am not worried about this and I advise you to relax and wait too.
22 April, 2021 ETH Revenue:
0.00053208 (Antpool, 1.5% fee, per 10 MH/s) PPS mining earning: 0.00025008 Transaction reward: 0.00028200
Best ETH Settings:
Antpool + Cobo wallet (internal BitFuFu balance)